If computer hard drives would have stayed at 1mb, the amount of use cases for computers would have been very limited. submitted by
If the bitcoin (BCH) block size would have stayed at 1mb, the amount of use cases for BCH would have been very limited.
In the same way that computers are only as useful as their storage capacity allows, BCH is only as useful as its blocksize limitations.
For now, BCH has plenty big enough blocks to do all kinds of incredible things using the OP_RETURN. In a few years, just as computer hard drives will be larger, so too will the blocks. How large? Let the free market decide!
We'd appreciate it if people could get the word out to FashionReps and Repsneakers. submitted by
Hey all. Seas here to announce that some big changes are on the way.
It’s been a crazy and exhausting couple of months while we’ve tested out some new ideas. Some have been fruitful, while others have been a bust. We branched out into WeChat and the /Muks_Store
subreddit, and tried setting up a DHGate store and accepting Bitcoin. But in doing all of this, we really over-extended ourselves. Managing all these platforms and payment channels has turned into a tremendous undertaking, eating up valuable hours that could be spent on searching out new stock or developing the business. So we’re going to scrap a lot of stuff, and start consolidating all of our business and customer service in one place: the www.muks-store.com
Most of you have noticed that our yupoo, website, and subreddit pricelist are all depressingly out of date, so in the next couple of days, we’ll work on making the website our main catalog, storefront, and chat platform. Here’s how this will affect you guys, as customers:
- Website prices will be adjusted to match our Bitcoin/Western Union/Moneygram/Taobao/DHGate prices.
- No more new Skype or WeChat adds, at least for the next two days.
- Halting WeChat adds indefinitely, and slowly moving old customers to our website ordeticketing system.
- If the above step is successful, possibly stopping all Skype, WeChat, and Whatsapp activity and moving all communications to the website ordeticketing system.
- Eventually, no more Bitcoin/Western Union/Moneygram/Taobao/DHGate payment, except for old customers still on the old chat platforms.
No doubt this will negatively affect some of you guys, especially those who are unable to pay through the payment processor on our website. We’ll be continually looking for solutions to this and other issues. But, this is a necessary sacrifice. We’re finding it impossible to sustain our current business model.
This is because we spend way too much time chatting with customers, and not enough time developing the business. We’ve hit a bottleneck in terms of how many orders we can take a day, and it’s because we have to conduct the entire order process via chat. If we can reduce this workload by automating more parts of the process, we’ll be able to offer better service, serve more customers, and bring new offerings to the table. This may even free up enough time for us to start contributing interesting content to the reps community. But in our current state, the work is slowly the team’s will to continue. Something big needs to change.
Many of you know Lin. Lin is our Skype guy, the guy I first encountered when approaching Muks to buy a pair of reps. When I first met Lin online, he was patient, cheerful, and enthusiastic. He was real and approachable, which was dramatically different from the other rep sellers. Him and Song (the WhatsApp guy, and original Muks) ran their business with rare kind of integrity and commitment to service. It felt pretty special.
Several months later, Lin no longer resembles that cheerful dude I first met on Skype. He is haggard. He is anxious. There’s no hint of his former enthusiasm.
Below is a short story about Lin.
A Day in the Life of Lin:
Lin gets home. It's 7:30AM. He's been up all night fielding questions on Skype. He sleeps until noon, and upon waking, immediately drives his electric scooter to the apartment serving as our office. He has not had time to shower, and has not for the last 4 days. He sits down at his desk and wakes his computer from sleep. As soon as he logs in, the familiar sound of Skype’s notifications begins chirping through the speakers.
Chirp. Chirp. 246 unread messages.
Chirp. Chirp. Chirp. 249 unread messages.
He begins working through them from the bottom up. He used to engage with customers warmly. But now, he fears they will take it as an invitation to be chatty. There's just too many people to talk to, and not enough time. So he keeps his responses laconic: Sure. No. TTS. Out of stock.
The chatting is manageable, for a while. He’s down to 185. Outside, it begins to rain.
Then he sees the next name and his heart drops. The customer has been chatting with him for two months, without placing an order. They’ve repeatedly backed out of their order at the last second, asking for new quotes with new combinations of shoes and different couriers. Can you quote me for ABC? Can you give me a discount please? How about for XYZ? Can I get your WU info?
Then he disappears. Two days later: How about Taobao? Can you do it cheaper please? But for these other shoes.
Lin sends a new quote and link, and again, nothing. Lin chats with the customer for 15 minutes, and gives him another quote. Ok I’ll think about it, thanks!
All the while, Skype is chirping in the background. Chirp. Chirp. Chirp. 203 unread messages.
Lin continues in this fashion until 6, when we prepare to ship the day’s greenlit orders. He begins carefully inspecting each pair, even though customers have already approved them. I see him turning a shoe around in his hands, a UB 2.0 Triple White, size 9, left foot. He stares at it intently, dark circles already forming around his eyes.
“They got some silver ink on the panel,” he says. I look, and there’s indeed a speck of silver on the white plastic, next to the lettering. It’s about a millimeter in diameter.
“How do they expect us to sell these,” he mutters, while shaking his head.
He walks over to a desk and uncaps a bottle of methylbenzene, also known as toluene, a solvent. After dipping a Q-tip in the transparent liquid, he starts swabbing the silver speck. It dissolves, and he wipes away the residue.
“Best to wash your hands after using this,” he tells me.
After making sure there’s no residue left, grabs a pair of scissors and clips some loose threads coming out of the cage stitching. Finally satisfied, he gently lowers the pair of UB’s into a plastic bag, before returning them to their box. “It’s so the lettering doesn’t rub off, during shipment.”
By 7PM, we’re ready to haul the shoes to the shipping agent. Lin lugs a giant cardboard box full of shoes down to the basement, and sets it onto the back of his scooter. With any luck the rain has stopped, for the moment.
At 9PM, Lin’s back at the office. “There was an issue at the shipping agent’s. They’re having trouble using Aramex to ship to India, and they’re saying we need some stamps and documents we can’t provide. The buyer’s getting impatient. We’ll have to figure something out.” But it’ll have to wait till tomorrow; today’s shipping hours have ended. Lin glances over to the Skype window on his computer screen: 140 unread messages.
After some more chatting, it’s 11PM. Time to pick up the day’s orders from supply points scattered around the city. The rain has started up again. Lin throws on a rain poncho and heads back to the basement, where his scooter is charging. The battery barely holds much charge anymore, and the steering’s been acting up. But there’s no time to shop around for a new one. Maybe next week. If we’re less busy.
At 2AM, Lin comes through the door lugging a cardboard box stuffed full of sneakers. His poncho is dripping all over the floor. “We need to stop picking up from PK,” he says, after dropping the box on the ground. “The size 45 Breds we picked up, were a size 45 box with 44s inside. And they keep mixing in stock from other suppliers.”
Nobody is surprised. It’s not the first time this happened with PK.
“Somebody posted a review of our PK Coppers on Reddit the other day, and other users told him it wasn’t PK. How do we even explain this to them?” Nobody has an answer. We could stop selling PK, but we’d lose a lot of customers. The problem, like most others, will have to wait.
After sorting through the stock we’ve picked up, it’s 3AM. Lin goes back to his computer. He checks the tea tin he uses as an ashtray. It’s full of soggy cigarette butts. He empties it into the trash can next to his desk, which is itself almost overflowing with cigarette butts. Pulling out a fresh pack, he mentally prepares himself. The next few hours will be more QC, more orders, more answering questions.
It’s 7AM. The sun is up. Construction can be heard in the distance as the city begins to awaken. Lin squints at his Skype window: the unread messages tab reads 0.
With a big sigh, he pushes his chair back from his desk, and stands up. He stretches his arms out over his head, body sore from sitting scrunched over for the last 4 hours. He grabs the keys to his scooter off his desk, and lumbers slowly to the door. Another day, over.
On his way out, a familiar sound starts to emanate from behind him: Chirp. Chirp. Chirp.
So, I was thinking about cryptocurrencies that can be used into the far future. Bitcoin itself is rather short-lived. The current difficulty is 1,590,896,927,258. This means the number of 0's at the beginning of the hashcash-sha256 sum is approximately 32 + log_2(difficulty), or roughly 72 zeroes. SHA256 has 256 bits total, so the number of nonzero bits right now is 256 - 72 = 184. Assuming Moore's law, it will take 184 * 2 = 368 years before difficulty is maxed out. submitted by
(Moore's law may, or may not, actually continue unimpeded for 368 years. Only time will tell. In particular, growth in processing power might follow a logistic curve, not an exponential curve - which looks like an exponential curve at the beginning, before it begins to level out. But unless you have statistically significant evidence that Moore's law is actually not correct, please don't comment saying that there's no way we'll ever max out the difficulty, bringing in the fact that there are only 2273 atoms in the universe, or things of that sort. In particular, not all particles are atoms: atoms are made of nucleons (which in turn are made of quarks) and electrons, and there's also dark matter, so you've got a lot more particles to count if you want to suggest that as a limit on computation. Also, fundamentally, there might be laws of physics that we have not yet discovered, that open up whole new kinds of processors.)
Anyway, before difficulty is maxed out, bitcoin must hard fork - or the time between blocks will begin decreasing by half every 2 years. To shoot from the hip a little bit, the diameter of the Earth is 12,756 KM, or 0.04 light seconds. Bitcoin block time starts at 600 seconds. The number of halvings it takes for block time to decrease to 0.04 seconds is log_2 (600 / 0.04) = 13.8, and according to Moore's law, it will take 13.8 * 2 = 27.6 years for that to happen. In total, we have 368 + 27.6 = 395.6, or roughly 400 years, until we max out bitcoin difficulty and blocks are mined so fast that (unless we have discovered faster-than-light communication by then, or reduced the size of the Earth) they cannot possibly be transmitted as fast as they are mined. After that, the blockchain will begin to fracture, because by the time the blocks you mine reach the other side of the planet, the miners over there will already have mined far, far more blocks than you had 0.04 seconds ago, if that makes sense.
The hard forks that exist today may, or may not, mildly weaken Bitcoin's position. BCH seems to be the biggest one, but Bitcoin is still clearly dominant, as the first mover. However, when Bitcoin actually breaks (which it will), there will be no clear leader. A multitude of contenders will exist. Like VHS vs Betamax, it will take time to figure out which one is to be the leader, and a lot of people will probably lose a lot of money.
So, are there any PoW algorithms that support arbitrary difficulty? Any ideas?
EDIT: 10/9/15 - I have updated the listing as 2 of the coins have been Sold. submitted by
There are still 3 of the Crypto Imperator 10,000 DOGE coins left that are truly some beautiful coins, and each contain their Face Value/Denomination of 10,000 Dogecoins, yet any amount can be sent to its address and the coin used as a secure cold storage wallet. Their holograms are Visually Stunning! Check my personal Limited Edition #95 CI 10,000 Dogecoin graded MS67 by ANACS in the photo album; it is a beautiful coin! It is the last 2 pictures; the very last pic is a duplicate and not the MS67. Verification and More Pictures
(Sorry the verification date is a few days old; I took the pictures and planned on listing them but it was a pretty hectic week) Click for Full Size/Higher Resolution!
Hey guys, I have a huge collection of physical Bitcoins & other physical cryptos (such as these physical Dogecoins), and I'm selling a few extras. I love all coins in general, but these are my favorite to collect closely followed by old world silver coinage & Norfed Liberty Dollars. Here is some of my feedback from Reddit sales Here is my eBay profile with 100% Feedback Here is my BitcoinTalk profile, where I have probably had the most dealings (Click on "Trust" to see Feedback) (
4 3 Available) Crypto Imperator 10,000 Dogecoins, and some background info. below: Price per Crypto Imperator 10,000 Dogecoin -- $24 First coming out of Spain in 2014, the 10,000 Dogecoin Series were the first coins ever released by Crypto Imperator, now an established and respected manufacturer of physical crypto coins. With a very low mintage of only 500 coins, some excellent minting strikes, and beautifully complex security holograms, these coins were a hit from the start and quickly sold out. The first wallet-type physical Dogecoins ever minted, each coin contains its face value of 10,000 Dogecoins. The zinc-alloy 10,000 Dogecoin was first released in June 2014 and is 39mm in diameter with a thickness of 3mm. The denomination on the face of the coin is "10,000 DOGE", and each coin was funded with that amount of Dogecoins by the creator. An appealing yet complex tamper-evident security hologram covers the private key to a unique Dogecoin address containing the coin's funds. The coin can be funded with any amount of extra Dogecoin by the buyer if desired, and can be used as a secure cold storage Dogecoin wallet. If you are ever ready to spend the funds contained within the coin, simply peel the hologram off of the coin to reveal the private key, which you can then import into your Dogecoin wallet of choice (however this will probably reduce the value of the coin as a collectible). The obverse of the coin features a large centered portrait of a shiba inu dog, the dog breed famous for the "Doge" internet memes and the cryptocurrency Dogecoin. Next to the 'Shibe' is the word "Wow" written in the appropriately chosen font of 'Comic Sans'. Above the Doge portrait reads the slogan, "in shibes we trust", and on the bottom of the coin the denomination "10,000 DOGE" is stamped. On the coin's reverse is the manufacturer's name "CryptoImperator" across the top and its year of minting "2014" along the bottom, the two sets of writing separated by a beautiful floral print that goes up both sides like a vine. In the center of the coin the tamper-evident security hologram is placed, covering up the coin's private key. Crypto Imperator's hologram is one of the best; there are so many different layers in it and each has a different look depending on which angle it is viewed from (which is why I included so many different pictures). Among the different features that can be seen in the hologram are the words "Crypto Imperator Original", a rocket flying to the moon with the words "To The Moon" present, and a Roman-type figure above 2 pillars and the words "Crypto Imperator". In the center of the hologram a small window is cutout, showing the first 8 characters, or 'First Bits', of the coin's Dogecoin address. SOLD! ( 1 Available) Shibanu 50,000 Dogecoin (Un-Funded, DIY physical Dogecoin) and some background info. below: Price for the Shibanu Dogecoin -- $24 SOLD! The very first coin released in September 2015 by Shibanu (a new physical crypto coin maker), the Shibanu 50,000 Dogecoin coin is a DIY physical Dogecoin. Each purchase includes 1 coin in a protective flip, and 1 tamper-evident security hologram (for placing a private key and assembling the coin if you choose to do so). This coin has a beautiful gold-plated finish that just shines and pictures do not do it justice. The Shibanu 50,000 DOGE coin was first released in early September 2015 and is 38mm in diameter with a thickness of 2.5mm, composed of Zinc Alloy with a beautiful and lustrous Gold-Plated finish. The recommended denomination on the face of the coin is 50,000 DOGE, but these coins are unfunded as they were originally sold, and any amount of Dogecoin can be loaded onto them if desired. They can be used as a secure cold storage Dogecoin wallet if you choose to print and place a private key and assemble the coin with one of the tamper-evident security holograms. Please note that these coins are sold unfunded, and do not contain or come with any actual digital Dogecoin value. If you are ever ready to spend the funds contained within the coin (if you've assembled & funded it), simply peel the hologram off of the coin to reveal the private key, which you can then import into your Dogecoin wallet of choice. (This concept can be confusing, just ask if you have any questions!) The obverse of the coin features the word "SHIBANU" stamped across the top, representing its maker, with "50000 DOGE" (representing its suggested denomination, or face value) stamped across the bottom. A large "D" is stamped into the center, with a Shiba Inu dog leaning on the top, which represents the Doge meme. To the left and right of the large "D" are the phrases "Multus Moneta" and "Multus Fortuna", which roughly translate from Latin to English as "Much Money" and "Much Fortune". The large "D" in the center also has an X pattern behind it, and those surfaces are smooth and shiny strikes, while the background has a nice contrasting textured strike. The reverse features the word "DOGECOIN" stamped across the top in an arched fashion with the year of issue "2015" stamped across the bottom. There is an indented circular area in the center on the reverse, where a private key can be placed and covered with the provided Shibanu tamper-evident security hologram, if you choose to assemble it and/or use it as a cold storage Dogecoin wallet. Shibanu's first holograms are very appealing on the eye with many different elements, layers, and colors, depending on which angle the coin is viewed from. They feature a repeating "SHIBANU" logo in the background with a dog's paw prints and a rocket heading to the moon in the center, which has a letter "D" and the maker's name "Shibanu". There is also a small window cut out in the center of the hologram so that the coin's "First Bits", or first 8 letters of a Dogecoin address, can be viewed to verify funds contained within. These coins are DIY (Do It Yourself) physical Dogecoins and as such are sold as unfunded kits containing 1 coin and 1 tamper-evident security hologram. The positive aspect of buying a DIY physical Dogecoin is that you don't have to trust anyone with the private keys to your Dogecoin addresses (and Dogecoin funds). With your coin, your wallet's security will be in your own hands if you choose to generate, print, and place a private key within your coin. The tamper-evident security holograms are designed in a way that if somebody gained access to your physical coin and pulled off the hologram to access your private key, it would be obvious it had been compromised due to a visible honeycomb pattern left across the back of your coin. It is your choice if you want to print a private key and assemble your coin, or leave it un-assembled as it is sold. If you need help or have any questions about generating and printing private keys for your coin, just let us know and we will send you some helpful resources and instructions. Payment Info.-
Bitcoin and/or PayPal Friends & Family highly preferred
at the moment (Please leave note/comment line blank if paying with PP F&F) but will also accept PP Goods & Services (add 3% to your total). Also, I almost forgot to add- I will also definitely accept Dogecoins as payment for these physical Dogecoins! Shipping Info.-
$2.25 for basic, tracked shipping in the US via First Class Parcel (no matter if you buy 1 or all 5 coins); this will be extremely well-packaged in a bubble mailer and comes with tracking and delivery confirmation for free. If you want Priority 2-Day (which includes $50 insurance), just add $5 to your total. Always willing to ship international at cost, and can do so very affordably. PM if interested in buying overseas. Also- I package very securely & discretely, and drop off each package by hand- so once it's shipped you own it unless you want to pay extra for insurance. I will say though I have never had a package lost out of hundreds (knock on wood..) About Physical Bitcoins/other cryptos:
In 2011 a man named Mike Caldwell, an avid supporter of cryptography and Bitcoin, had an idea to mint physical coins that could represent digital Bitcoin value in a more conventional way, so that more people would be able to conceptualize and understand this new digital cryptocurrency technology. He came up with a way to mint a physical coin that actually contained the digital Bitcoin value it represented. On one side of the coin, he had a recessed groove stamped into it. He then securely and safely generated new Bitcoin address public & private keys, printing the private keys (needed to spend the funds) and placing them in the recessed groove. He then had complex & layered tamper-evident holograms created to cover the private key, which served 2 purposes: 1- these complex holograms made it harder to ever create a believable counterfeit of his coins, and 2- when the holograms were peeled back exposing the private key needed to spend the funds, it left a honeycomb pattern behind, which would instantly tell someone considering buying one on the 2nd market whether the coin still contained its valuable BTC funds, or if it had been spent. He called his coins Casascius physical Bitcoins, and they proved to be very popular, with several different denominations and Series released over a couple years' time. Today these coins are highly valued & sought after collectors' items. Many individuals, groups, and companies followed suit in the years that followed, designing and minting their own physical crypto coins. And that's where we are today with these coins I have for sale. :) I tried my best to explain how physical Bitcoins/Dogecoins/etc. work in a limited space, but it is hard to fully summarize such a topic in so few words, so if you have any questions just ask! This can all sound so complicated and confusing to someone unfamiliar with Dogecoin/cryptocurrencies and how they work. If you have any questions about these coins or Dogecoin in general, please reach out to me via a message and I would be glad to help you out! Thanks for Reading!
This is a response to a set of questions asked here
seeks to create a cryptocurrency with an elastic money supply, targeting an inflation rate of 0%. The mining subsidy is newly created currency and has an inflationary influence on the money supply, while the transaction fee is destroyed and has a deflationary influence. Voting is used to determine what the subsidy and fee rate should be.
Beware, I am not a trained economist. But, you don't need a dietitian to tell you that you are hungry.
We know that a unit of length should be just as long today as it is tomorrow, next year, or next decade. Similarly, a unit of value should hold the same value over time. This is the idea behind sound money.
Although the power to standardize a unit of value (along with other weights and measures) has been granted to the U.S. government by its people, that power has been misused so as to cheat sovereign debt and engineer macroeconomics. As nations compete in an inflation war to stimulate their economies, the markets form bubbles.
That power has been extended to private banks by allowing them to loan money into existence. (Consequently, banks are ever watchful, waiting for other banks to 'cash out', making online payments painfully slow and costly.) Because so much of the money supply never really exists, market bubbles tend to syncronize and collapse to give birth to monetary alternatives, like Bitcoin.
But the economics of Bitcoin are just as strange. A hard cap on the money supply is like solving the inflating universe problem by creating a unit of length (a Nakamoto) such that the diameter of the universe is always 42 Nakamotos. Now, the Earth is shrinking! It should be obvious that using Bitcoin as a solution to unencumbered inflation is the same as the problem it seeks to solve, only reversed. But, the advancement of Bitcoin is not really an economic advancement after all. It is a religious belief -- easily auditable money in a open, voluntary network is ideal.
So, we are left wanting a unit of value, but value is subjective. Do we really need 7+ billion currencies? No, not really. We can aggregate our subjectivity through voting. Then, when the majority sets its authority against us, we fight back by creating an alternative, abandoning the old world for a new one which will hear us. Let natural selection decide the more objective voice. But how do we vote for price stability?
In Opal, a transaction must include proof of work and payments. To create a transaction, a forger buys proof of work stamps from miners and combines the stamps with payments. The forger collects the mining subsidy (which scales with proof of work difficulty) and tips from payments, but must then pay the transaction fee (which scales with the size of the transaction) to the network (the fee is destroyed.)
The mining subsidy is newly created currency and has an inflationary influence on the money supply, while the transaction fee is destroyed and has a deflationary influence. If the currency is being devalued, then it is time to cut the mining subsidy and/or raise transaction fees. Conversely, when the network sees the price of its currency increasing, it can decide that it is paying too much for payments (the transaction fee is too high and/or the mining subsidy is too low) and can vote appropriately.
Large changes in demand in either direction can be accommodated by these mechanisms. Transactions have an upper and lower bound on the amount of included work (bounding the mining subsidy) and on the number of included payments (bounding the transaction fee). Combining this with control over the subsidy rate and fee rate allows for even high targets of monetary inflation or deflation to be reached.
Voting relies on a basic level of monetary literacy to be maintained by the voters. Yet, people fundamentally know what drives demand in a currency -- are prices increasing or decreasing and how expensive is it to spend money? Given a free market, people will choose cheaper transactions and non-increasing prices. But will they choose the currency in which the price of goods is decreasing?
There is no mechanism in Opal for determining when voters are deflating the money supply to increase the value of their holdings. However, a deflationary currency becomes a speculative asset and is subject to the wilderness of speculation markets. The higher transaction fees and additional effort required to maintain price stability will likely scare away average stakeholders and reduce demand in the long run.
The protocol has been designed to promote many competing currencies rather than a single currency. The currencies will grow in size and split as they get too large or disagreements arise concerning monetary policy or protocol changes. This will lead to a diverse population of currencies, from which one can create one's own basket currency. Combining this with non-coercive regulatory bodies to which votes can be donated or sold, should result in an ideal monetary system.
The MagPi issue 98. Discover Raspberry Pi portable computing in the latest edition of The MagPi. Read it now HackSpace issue 35. Forget the world of work for a while and build a full-sized arcade cabinet, complete with clicky buttons, joystick and even a coin machine to extort money from yourself reduced to a single user ID (in this case the lowest Bitcoin address in the transaction). This step reduced the total number of unique transactions considered from 129M to 24M over the three year period. Each day, we constructed a graph of the network that included all previously seen users as nodes and prior transactions as edges, with the new users and transactions from that day added. This ... Bitcoin is gaining ground in recent years. In the Bitcoin system, miners provide computing power to confirm transactions and mine blocks in pursuit of transaction fees, while users compete by ... Predicting Bitcoin Transactions with Network Analysis Gabriel Bianconi ([email protected]) ... we reduced the dataset to its rst 25 weeks due to the computational requirements of the methods used. As can be seen in Figure 1 below, the number of nodes and edges in the network is growing over time which makes the network highly dynamic. Note that the nodes for a time period correspond to the ... 1. Introduction. Since the concept of Bitcoin was introduced as a white paper in 2008 , it is an emerging digital currency system that enables online payments to anyone and anywhere in the world.Bitcoin has the potential to revolutionize payment systems on the Internet because it can solve the double spending problem without a trusted centralized entity unlike existing credit card payment systems.
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